NYSE · Financial Statements

Clearwater Analytics Holdings, Inc. (CWAN) Financial Statements

$24.56 NYSE: CWAN Market Cap $7.30B

Clearwater Analytics Holdings, Inc. most recently reported annual revenue of $731.0M, a net loss of $39.0M. Revenue grew at an average annual rate of 29.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Clearwater Analytics Holdings, Inc.: Revenue rose from $168.0M in 2019 to $731.0M in 2025, a change of +335.1% over 6 years; net profit was positive in 2 of 7 reported years; operating margin moved from 15.3% to -1.1%, a shift of -16.4 percentage points; the most recent year shows a net loss of $39.0M.

Income Statement — 7 Years (USD millions)

Metric	2019	2020	2021	2022	2023	2024	2025
Revenue	$168.0M	$203.0M	$252.0M	$303.0M	$368.0M	$452.0M	$731.0M
Operating Expenses	$142.0M	$224.0M	$224.0M	$298.0M	$385.0M	$440.0M	$739.0M
Operating Profit	$26.0M	$-20.0M	$28.0M	$5.0M	$-17.0M	$12.0M	$-8.0M
Operating Margin	15.3%	-10.1%	11.3%	1.7%	-4.5%	2.7%	-1.1%
Other Income	$-18.0M	$-23.0M	$-36.0M	$-10.0M	$-6.0M	$-42.0M	$-42.0M
Interest	$18.0M	$23.0M	$26.0M	$0	$0	$0	$46.0M
Depreciation	$2.0M	$2.0M	$3.0M	$5.0M	$10.0M	$12.0M	$86.0M
Profit Before Tax	$8.0M	$-43.0M	$-8.0M	$-5.0M	$-23.0M	$-30.0M	$-50.0M
Tax	$940,000	$-2.1M	$-6.4M	$-25.5M	$-950,000	$1.5B	$19.0M
Net Profit	$8.0M	$-44.0M	$-8.0M	$-8.0M	$-22.0M	$424.0M	$-39.0M
EPS	$0.03	$-0.19	$-0.05	$-0.04	$-0.11	$1.68	$-0.14
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Jun '23	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26
Revenue	$90.0M	$95.0M	$99.0M	$103.0M	$107.0M	$116.0M	$126.0M	$127.0M	$182.0M	$205.0M	$217.0M	$221.0M
Operating Expenses	$97.0M	$101.0M	$96.0M	$103.0M	$103.0M	$108.0M	$125.0M	$120.0M	$197.0M	$199.0M	$224.0M	$212.0M
Operating Profit	$-7.0M	$-6.0M	$3.0M	$0	$4.0M	$7.0M	$1.0M	$7.0M	$-15.0M	$7.0M	$-7.0M	$9.0M
Operating Margin	-7.9%	-6.2%	2.6%	-0.2%	3.6%	6.3%	1.0%	5.6%	-8.0%	3.2%	-3.1%	4.1%
Interest	$0	$0	$0	$0	$0	$0	$0	$0	$13.0M	$16.0M	$15.0M	$13.0M
Profit Before Tax	$-12.0M	$-3.0M	$-3.0M	$2.0M	$0	$4.0M	$-37.0M	$8.0M	$-26.0M	$-10.0M	$-22.0M	$-4.0M
Tax	$1.4M	$10.5M	$-13.2M	$-4.6M	$22.3M	$-11.3M	$1.2B	$18.3M	$8.9M	$-5.1M	$42.2M	$22.4M
Net Profit	$-11.0M	$-2.0M	$-4.0M	$2.0M	$0	$4.0M	$419.0M	$7.0M	$-23.0M	$-10.0M	$-12.0M	$-3.0M
EPS	$-0.07	$-0.01	$-0.02	$0.01	$0.00	$0.02	$1.63	$0.03	$-0.09	$-0.04	$-0.04	$-0.01

Over the 7 years reported for Clearwater Analytics Holdings, Inc., borrowings increased from $247.0M in 2019 to $883.0M in 2025, cash stood at $91.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 1.84 times.

Balance Sheet — 7 Years (USD millions)

Metric	2019	2020	2021	2022	2023	2024	2025
Total Assets	$64.0M	$116.0M	$344.0M	$482.0M	$559.0M	$1.2B	$3.0B
Current Assets	$53.0M	$102.0M	$321.0M	$356.0M	$416.0M	$385.0M	$296.0M
Cash	$20.0M	$61.0M	$255.0M	$251.0M	$222.0M	$177.0M	$91.0M
Inventory	$0	$0	$0	$0	$0	$0	$0
Receivables	$27.0M	$33.0M	$50.0M	$79.0M	$101.0M	$110.0M	$172.0M
Fixed Assets	$7.0M	$9.0M	$11.0M	$39.0M	$38.0M	$40.0M	$61.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0
Investments	$0	$0	$0	$5.0M	$96.0M	$108.0M	$0
Other Assets	$0	$0	$0	$44.0M	$45.0M	$71.0M	$1.3B
Total Liabilities	$265.0M	$460.0M	$82.0M	$144.0M	$149.0M	$139.0M	$1.0B
Current Liabilities	$21.0M	$38.0M	$31.0M	$66.0M	$81.0M	$77.0M	$161.0M
Borrowings	$247.0M	$425.0M	$54.0M	$77.0M	$72.0M	$72.0M	$883.0M
Other Liabilities	$18.0M	$35.0M	$29.0M	$67.0M	$77.0M	$67.0M	$118.0M
Equity	$0	$-246.0M	$0	$0	$0	$0	$0
Reserves	$-201.0M	$-345.0M	$197.0M	$270.0M	$354.0M	$1.0B	$2.0B

For Clearwater Analytics Holdings, Inc., operating cash flow was positive in 5 of 7 reported years; free cash flow in the latest year was $164.0M; free cash flow was positive in 4 of 7 years; financing activities used $52.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 7 Years (USD millions)

Metric	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$-230.0M	$-6.0M	$3.0M	$58.0M	$85.0M	$74.0M	$176.0M
Investing Cash Flow	$-7.0M	$-8.0M	$-10.0M	$-84.0M	$-101.0M	$-61.0M	$-1.0B
Financing Cash Flow	$238.0M	$43.0M	$-7.0M	$19.0M	$-17.0M	$-59.0M	$-52.0M
Net Cash Flow	$4.0M	$41.0M	$194.0M	$-4.0M	$-29.0M	$-44.0M	$-86.0M
Free Cash Flow	$-233.0M	$-10.0M	$-2.0M	$50.0M	$79.0M	$69.0M	$164.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	—
EV / EBITDA	102.96
FCF Yield	2.11%
Quick Ratio	2.26
Interest Coverage	-0.17
Return 1Y	—
Return 3Y	—
Return 5Y	—

Clearwater Analytics Holdings, Inc. (CWAN) financials — frequently asked questions

What is Clearwater Analytics Holdings, Inc.'s annual revenue?

Clearwater Analytics Holdings, Inc. (CWAN) reported annual revenue of $731.0M in its most recent fiscal year.

What is Clearwater Analytics Holdings, Inc.'s net profit?

Clearwater Analytics Holdings, Inc. (CWAN) reported a net loss of $39.0M in its most recent fiscal year.

What is CWAN EV/EBITDA?

Clearwater Analytics Holdings, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 102.96.

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